Is There A Housing Market Collapse Coming?

[phillyflyers]

Seems so.

I'm seeing housing prices being slashed.

This is in an area that generally unaffected by price drops.

I know if it's happening here, the rest of the country must be in some kind of potential trouble.

I think a crash is coming soon.

 

[lekidecincinnati]

relax big guy

mommie will still have the cookies made when you climb the stairs from the basement

 

[charliebrown]

Lot of people in credit card debt. They are relying on their home equity. Could be bad

 

[phillyflyers]

Lot of people in credit card debt. They are relying on their home equity. Could be bad

Crazy stuff.

A lot of people are going to be in big trouble if a collapse happens.

I've never seen prices slashed before in this area.

I know something is coming.

 

[BigJay]

Seems so.

I'm seeing housing prices being slashed.

This is in an area that generally unaffected by price drops.

I know if it's happening here, the rest of the country must be in some kind of potential trouble.

I think a crash is coming soon.

Houses definitely staying on the market longer here in Central Texas (Austin-San Antonio area) than they have in a long time (back to the 2008 recession)

And this area has been immune to any housing market dips last 15 years since it’s growing so much (according to my real estate broker buddy I’ve known more than 25 years)

A house in my girlfriend’s neighborhood has literally been on the market more than a year

But folks still trying to get Summer 2021 prices out of their sale is partly to blame

 

[phillyflyers]

Houses definitely staying on the market longer here in Central Texas (Austin-San Antonio area) than they have in a long time (back to the 2008 recession)

And this area has been immune to any housing market dips last 15 years since it’s growing so much (according to my real estate broker buddy I’ve known more than 25 years)

A house in my girlfriend’s neighborhood has literally been on the market more than a year

But folks still trying to get Summer 2021 prices out of their sale is partly to blame

Yeah, this area is considered immune to dips.

So I know something is up. Housing inventory is greater than the number of buyers.

You're right about houses being on the market for a long time, too.

It's strange and unusual for sure.

 

[aikman.tr]

Many getting suckered into consolidation loans to pay off high interest credit cards via home equity as collateral..... Credit card maxed out again, cant pay the big bills now, bank gets house in foreclosure then repeats with new mortgage holder. Its legal racketeering

 

[BigJay]

Yeah, this area is considered immune to dips.

So I know something is up. Housing inventory is greater than the number of buyers.

You're right about houses being on the market for a long time, too.

It's strange and unusual for sure.

Supply and demand buddy

once interest rates skyrocketed the demand waned

 

[Archie]

millennials are not buying houses at the same time frames as previous generations.

 

[BigJay]

millennials are not buying houses at the same time frames as previous generations.

They can’t. Too expensive

Around Austin-SA (especially Austin) big $$ folks gobbled them all up past 5-6 years and turned them into rental houses

 

[djefferis]

Is it going to slump - likely.

But is it really a bubble - if you bought a house in 2010 for 300k and it’s now a 700k house - is selling for 500k that horrible?

After all - you not only lived there for 15 years - but you profited on an investment.

We started out in 2010 with a condo I bought for cash for 42k - sold in 2015 for 85k and bought a house for 150k - sold in 2020 for 240k and moved to a 265k house - moved in 2023 selling for 345k and paid 375 for this place. When we thought of selling said 420 - but decided to stay I think.

People need to realize houses aren’t investments- they are for living. Problem is way too many people don’t understand 6% interest is actually historically low. Once that rate hits 8% - will be a different market.

 

[djefferis]

Austin and Nashville 2 areas id steer far away from as a buyer.

Both feel exactly like Vegas in the 90s - remember when new sub divisions being built every minute.

Seeing the bust happening now in NE Columbus Ohio - everyone thought Intel was going to employ thousands and the rush to get “affordable” housing in places like Johnstown sent prices skyrocketing - as the other alternative was already high end New Albany.

Now you’re seeing that plant will never materialize - and those houses that went from 250k up to 600k are becoming 350k houses quickly.

 

[BigJay]

 

[str]

Over 80% of the houses that are hitting the market in popular areas are put on the market overpriced. I can't speak for each state but that is absolutely what is going on in my market area.
Anything that goes on at true, fair value gets multiple contracts and only lasts a few days. And that Zestimate and Redfin estimate stuff is a joke. It is totally predicated on previous sales close by with no regard for updating or expansion.

True comps is the only measuring stick. Not that nonsense.

 

[BigJay]

Is it going to slump - likely.

But is it really a bubble - if you bought a house in 2010 for 300k and it’s now a 700k house - is selling for 500k that horrible?

After all - you not only lived there for 15 years - but you profited on an investment.

We started out in 2010 with a condo I bought for cash for 42k - sold in 2015 for 85k and bought a house for 150k - sold in 2020 for 240k and moved to a 265k house - moved in 2023 selling for 345k and paid 375 for this place. When we thought of selling said 420 - but decided to stay I think.

People need to realize houses aren’t investments- they are for living. Problem is way too many people don’t understand 6% interest is actually historically low. Once that rate hits 8% - will be a different market.

It’s hard to believe my parents interest rate was over 11-12 percent when they bought their home 1977-78

 

[Archie]

it's quite crazy how much interest regular joes will pay over 30.

 

[KingKolzig]

A lot of those weird looking child molesters sitting in $18,000 knicks seats today will find a way to profit from this misery

 

[jjgold]

no housing is pretty solid

 

[stormtrooper8]

China can crash our housing market

 

[str]

It’s hard to believe my parents interest rate was over 11-12 percent when they bought their home 1977-78

My first interest rate was 19 3/4% in 1981.